Social Security Argumentative Essay

In recent years there has been some debate regarding Social Security. Some people argue that it is in trouble and on the verge of nonexistence. Their counterparts, however, argue that Social Security is fine and will be around for years to come. No matter one’s stance on this subject, it is an important question in regards to today’s society. What side will you choose? In order to better understand the subject at hand, one must first be able to answer the following question: what is Social Security? Social Security is defined as: the federal program that provides retirement benefits, survivors’ benefits, and disability benefits to people age 62 and over, and to their dependents (Moomaw). With a clear understanding of what Social Security
is, one can now embark on the process of deciding whether Social Security is in trouble or not. Like any other subject, there are two sides. Let us first explore the side that believes that there are no problems with Social Security. In an article released by NBC news, John Schoen discusses why he believes the current Social Security system is not in trouble, as well as what the two main debates surrounding Social Security are. The first debate is whether or not Social Security is “going broke” and the second is in regards to who should mage retirement savings, the people or the government (Schoen). In a 2004 report done by the Social Security trustees, it was believed that Social Security would be able to pay out for the next forty years (Schoen). This is due in part to a substantial amount of treasury securities that have been collected and put away over the years. According to this report, Social Security would be able to pay out until the year 2044. A seventy-five year prediction of the Social Security outlook must be done by the Social Security trustees; this is mandated by law (Schoen).
Seventy-five years from when Schoen’s article was written would be around the year 2078.
Social Security trustees have taken this in to consideration and believe that if nothing is changed between now and then that in 2078, they will be able to pay seventy-three cents of every dollar that year (Schoen). To some, my self-included, this seems like a validating point for the opposition. However, Schoen agrees with the trustee’s explanation that the deficit can be made up by one of two ways. It is believed by Social Security that this deficit in the year 2078 can be accounted for by either raising taxes or cutting benefits in some way (Schoen).
With the prediction that Social Security being able to make payments for the estimated forty-four years, and most of its payments within the seventy-five year window, John Schoen doesn’t believe that there is a problem with Social Security as it stands now. When it comes to all of the extreme predictions in regard to Social Security, he believes that it is a ploy to “privatize” the Social Security system, so that workers are not being taxed to pay for retirement. There are many people who would be inclined to agree with John Schoen’s point of view, but are they
right?
On the other side of the spectrum we have those that feel that Social Security is in dire need of reformation. In the year 2007, the United States Chamber put out a list of problems relating to why Social Security is in trouble. When Social Security first started there were a multitude of workers and very little beneficiaries; a sixteen to one ratio (Social Security—The Problem). The U.S. Chamber of Commerce believe that this is the main reason the Social System worked for so many years and why it is in trouble now.
Unlike the beginning of Social Security, the ratio of workers to beneficiaries in 2007 had fallen to three to one (Social Security—The Problem).
This is a problem because it is believed that there will not be money to pay beneficiaries because of such low numbers of workers paying into the system. The U.S. Chamber of commerce also believes that in the year 2017 the Social Security System will be in the negative, and that in 2025 the system will be out of money all together. If these assumptions are true, this is a very scary situation.
Chuck Blahous, a Social Security trustee, has gone as far to say the problems of the Social Security program are “somewhere between critical and too late to deal with it” (News-Gazzette.com) This statement is not a very positive one in regards to the Social Security “crisis”. The August 2012 News-Gazzette.com article, like the U.S. Chamber of Commerce article also states that the problem lies in the fact that there aren’t enough workers entering the work force to pay into the system. This seems to be a common theme amongst those who believe that the Social Security program is headed for certain
disaster.
The question on whether the Social Security program is in trouble is highly debated. There are definitely merits to both sides of the argument. However, as far as a definitive answer as to which side is right there is none. When it comes to the question of whether or not Social Security is in trouble, it is simply a matter of opinion. So, what do you think? Is Social Security facing certain doom? Or is the program fine in its current state? You decide.

Works Cited
Moomaw, Ronald L. Economics and Contemporary Issues. Mason, OH: South-Western Cengage Learning, 2010. N. pag. Print.
Schoen, John W. "Is Social Security Really 'going Broke '?" Msnbc.com. NBC News, n.d. Web. 02 Sept. 2013.
"Social Security Really in Trouble | News-Gazette.com." Social Security Really in Trouble | News-Gazette.com. The News Gazzette, 17 Aug. 2012. Web. 02 Sept. 2013.
"Social Security--The Problem." U.S. Chamber of Commerce: Standing Up for American Enterprise. U.S Chamber of Commerce, n.d. Web. 02 Sept. 2013.